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CNBC
Nov 7, 2012 4:00am EST
obama rolls to re-election and a second term, defeating mitt romney despite a weak u.s. economy and persistently high unemployment. >> investors cheer obama's re-election. equities trading high led by autos and health care stocks. >> democrats keep their hold of the senate and republicans keep their control of the house. >> there will be a tough challenge facing the looming fiscal cliff. >>> a very good morning to you. it's been a long night, but we have a result. >> yes, we do. let's get right it to. president barack obama capturing a second term in the white house despite the struggling u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >> i believe we can seize this future together, because we are not as divided as our politics suggest. we're not as cynical as the pundits
CNBC
Nov 5, 2012 6:00pm EST
do, and confused about what matters if president obama is re-elected or not. the indecision over the outcome played out once again in today's quiet session. the dow gained 19 points. s&p rallied. nasdaq advanced 5.9%. tonight i want to show you what really matters, why they might go up or down independent of the election. don't worry, i'm going to give you some picks for an upset by governor romney, although i'm on record thinking it's most likely not going to go the governor's way. but i bow to popular demand. first up, let's figure out how stocks have really done under president obama and i'm going to use a prism that i haven't seen anybody else use, the five-year lookback. you cannot use the inauguration day as the starting point. there's too much priced in at that point. almost every stock is higher, so it's irrelevant. the s&p is up 75% from inauguration. we need to go back to when the great recession was just about to begin. it became clear the next occupant in the white house could be a democrat, proved my thesis that if obama wins, it might not matter the stocks nearly as muc
CNBC
Nov 6, 2012 4:00pm EST
, except for last time with barack obama being elected, there were minimal gains in this market or losses. it was flat on the session. to what do you attribute this triple-digit move? >> i wouldn't look too closely in today's move. you may, in fact, see another couple of percentage points on the upside. keep in mind that the u.s. economy is still growing at a 1% to 2% happenedndle on gdp. like your previous guests mentioned, this fiscal drag that will occur in 2013. so, you know, 1% move in the market today is just noise. we have to look towards what global gdp is going over the course of the next 18 months. that's decelerating. >> so what you're saying, chad, is it doesn't mat who ater who the white house. >> 2013 is going to look exactly like 2012. global gdp will be decelerating. the u.s. economy should perhaps be at a 1% to 2% gdp growth trajectory. that's including a fiscal drag in the united states of about 1%. that's our baseline assumption. but one should consider also that over in europe, you're going to be going into a recession in 2013. and our expectation there is for,
CNBC
Nov 6, 2012 6:00am EST
it was a tie. five votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our guests this morning, house majority leader eric cantor, and then private equity pioneer and obama supporter alan patricof, outspoken republican ken langone, don peebls, and one of bush's right hand many, larry lindsey will be joining us. and then later today, a very special afternoon edition of "squawk box," we'll pick up election day coverage again at 5:00 p.m. so if you're sticking with us now, stick with us all day and the cnbc team will continue throughout the evening. of course you can take part
CNBC
Nov 2, 2012 7:00pm EDT
. our top story this evening, four days before election day. and the race between president obama and mitt romney could not be any tighter. >> four more days! four more days! >> all right. the president today telling his liberal supporters that the mere mention of governor romney to exact revenge. >> no, no, no. don't boo. vote. vote. voting's the best revenge. >>> and thank you, again, vice president joe biden, for yet another gift. >> there's never been a day in the last four years i've been proud to be his vice president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight with breaking news. after a friday filled with fury, michael bloomberg gave into the criticism and canceled the ing new york city marathon scheduled for this sunday. let's go live to cnbc's brian shactman
CNBC
Nov 19, 2012 7:00pm EST
are. but, president obama has made it very clear. he wants 1.6 trillion dollars of new revenues over the next ten years. okay. i would argue in order to get that number, he's going to have to raise tax rates, which the republicans don't want as well as put caps on tax deconductions or loopholes. so therefore we have a mess on our hands. >> not too much of a mess. i'm enjoying the show. we're talking about the tax rates going down to the clinton era. we're creating 3 million jobs a year. the economy is growing 4% a year. we take away a few of the tax loopholes. that sounds good to me. basically we have a lot of people running around like chickens with their heads cut off. the economy collapsed because the housing bubble burst. this is all loo loo land here and it is not enough to get worried about but it makes for good news. >> it makes for great news. i also, tim geithner says we can get a resolution of all of this in two weeks. but geithner insists that tax rates must go up. so do the democratic leadership. so speaker john boehner is going to be a lonely guy. >> i think the republic
CNBC
Nov 14, 2012 7:00pm EST
sure sounded pick president obama was signaling today at his press conference that only a hike in the top bush tax rates will keep us off the fiscal cliff. by the way, that signal cost stocks 185 points on the dow. and because those tax hikes not only threaten future economic growth, they also include big penalties on capital gains, dividends and other forms of investment. plus, get this. the president wants a $1.6 trillion tax hike over the next decade. itself, a horrific number and begs the question, what is the government going to do with all our money? >>> and have you seen this video? in response to weeks of rocket attacks, israel gets their man with this missile attack on the military leader of hamas. now, israel is launching a full-scale ground attack on the hamas terrorists which are backed by iran, of course. by the way, this is all happening while we have no cia director here at home. >>> first up today, in his first news conference since being re-elected, president obama, with rhetoric sometimes reminiscent of his tax-the-rich campaign mantra, he appeared to dig in his heel
CNBC
Nov 6, 2012 9:00am EST
each for obama and five for romney. election coverage begins with a special edition of "squawk box" tonight at 5:00 p.m. eastern time followed by prime time coverage here on cnbc. jim will be a big part of this. >> i can't wait. a big night. i think that -- look, as maine goes so it goes. new hampshire, i don't know. when i look at all of the polls, i here it neck and neck. when i look -- this is why i believe it will be for obama. that's not a political statement by the way. what i'm saying is i look at the states and obama does factor plus or minus he's ahead except for virginia and maybe florida depends on the poll. i urge everyone to go out and vote in new jersey. very difficult. largest polling place in our town closed. no power. people have to recognize that the adversity of a lot of people trying to vote today shows you that democracy is trying to be at work. not as easy as you thought. >> i have always said voting is messy. we do it better than just about anybody else. >> north korea has the 99%. everybody seems to turn out. >> regardless of whether the lights or off or not
CNBC
Nov 1, 2012 7:00pm EDT
mayor mike bloomberg using hurricane sandy to score political points by endorsing barack obama? rudy giuliani will be our special guest. >> and why are politicians brow beating insurance companies in to how to run their businesses? it eats an attack on free market capitalism. >> a special edition of the "kudlow report" begins right now. >>> sandy, the road to recovery. the cost of sandy's destruction on the rise. gas lines stretch for miles. and so does the traffic jams. billions still without power. food getting scarce. nerves break. how past can we rebuild? tonight we look for answer. plus the markets rally and the reaction of a lifetime days away. this is a special edition of the "kudlow report." >>> hurricane sandy may be over, but tonight many in the northeast remain without basic needs. power, water, gasoline, and the road to recovery looks grim. here's what we know right now. total losses in sandy, now estimated to be $50 a billion. that according to a disaster modeling company. ranking it second only to hurricane katrina. the death toll from hurricane sandy leaves 92 across t
CNBC
Nov 6, 2012 4:00am EST
. president obama and mitt romney will leave their fate in the hands of u.s. voters today after a long and bitter campaign battle. national polls show obama and romney in a dead heat. although the president seems to have an edge in ohio. and tracie potts joins us live from cincinnati, ohio in the wee hours of the morning there. when do polls open, how important is ohio, and when will we start to get a sense of the outcome? >> reporter: the polls here in ohio open at 6:30 eastern time. so we have about 2 1/2 hours. this is one of the polling places, a local church here behind me. however important is ohio? for months we've been talking about ohio really sort of being a bellwether state, ohio being the most important battleground state. and that's because ohio has a history of choosing presidents, particularly cincinnati where i am, it's been described as really the biggest swing part of one of the most important swing states. and in terms of when we may start to get results, the polls here close i believe at 7:00 eastern time. so shortly after that, we'll start to see precincts reporting. b
CNBC
Nov 9, 2012 12:00pm EST
speak. i think you're going to see president obama do the same thing. we've seen a lot of, again, the tech stocks seem to be hit hard here. one of the things i would say to people, if you're not comfortable, sell them out of the money puts. >> deutsche bank's chief strat jit david bianco joins us for wall street's view for markets and the wall street cliff. good to have you. thanks for joining us on halftime. >> thank you. >> it's been a really difficult week in the stock markets. how are you see it here? >> our focus is the dismal so e so if we can get dev dends, we'll see a growth. but we really need to see a compromise that brings a dividend tax rate that goes no higher than 25%. if it goes up to 43.4 or so, that we would take as a big concern. >> are you more or less optimistic now given the results of the election? >> a compromise will be reached. we do not expect to go over the fiscal cliff in the sense of it being triggered. this might go up to the last minute. december 31st may possibly spill into next year but we don't expect a recession. but on the issue of the balance betwe
CNBC
Nov 19, 2012 4:00am EST
more than 1% in some places on hopes of a resolution on the fiscal cliff. barack obama praises myanmar's shift to democracy in a first ever trip by a serving u.s. president to the country. but he cautions that his trip should not be seen as an endorsement of the country's sgoechlt. and oil futures hitting a two week high as international pressure mounts for a cease-fire in gaza. u.n. secretary general ban ki-moon is heading to cairo for emergency negotiations. good morning, welcome to the program packed full of fantastic guests to give you you updates and analysis on where we are in trade. if europe, higher by 0.8%. coming off the 3 1/2 month low that we saw in the close on friday, helped along by optimism on the negotiations to avoid a fiscal cliff state side. we saw quite a rally in the u.s. on friday's close and that is feeding through to europe here this morning. ftse 100 higher by 09%, xetra dax by more than 1% and ibex 35 more than half a percentage point. the bond markets, the question is whether or not we'll see a lid on on bond prices on treasuries especially if we man
CNBC
Nov 5, 2012 3:00pm EST
new president or president obama names three seats to the supreme court three security justices. a lot at stake. >> an important day tomorrow. hope you can get out and vote, whichever way you're going. right now we're heading toward the close with a ten-point gain. again, remember that level i gave on you the dow, 1390.84. we'll explain the significance coming up. >> stick around, a lot more to come on "closing bell." >>> coming up. investing on the elections. are candidate romney's fiscal views the same as a president romney's would be? we get the view from wall street straight ahead. >>> plus, running for home. housing has been the forgotten sector this season with prices actually lower now than when the president took office. we debate where the value of your home is headed after election day, no matter who wins. >>> and could how the stock market finishes today actually determine who wins tomorrow? don't scoff. wait until you see the facts that back that up. that's all ahead on the "closing bell." looking for a better place to put your cash? here's one you may not have thought
CNBC
Nov 27, 2012 7:00pm EST
how john by nor aoe going to take them out. you guys lost the election. president obama said he was going to raise taxes on the richest 2%. why is this a surprise? that is what happens at the end of the year. it is a little slow. we'll get over that. come january first, they will pass the tax cut for 98% of the people. >> i didn't think this was a mandate. i agree your man won. but jim, the basic deal was, okay, john boehner acknowledging what this was. putting this on the table and he said this a million times in return for some. modest reform. while the biggest stuff waits for next year. if the democrats say it is off the table and if harry reid is trading bars with mitch mcconnel, what is up here. senator durban said, it shouldn't be ps deal. i don't think there is a bar gain to be had. it is a win win for alabama. he is going to get the tax hikes or the rb ares will say no deal and he gets the tax hikes which is what he will prefer anyway. that is a big pot of money he can use for whatever he wants. they are still not going to be a deal. baker, democrats saying there is no probl
CNBC
Nov 4, 2012 7:30pm EST
school of business and former adviser to president obama and ed lazear, former adviser to george w. bush. thank you for joining us. >> nice to be with you. >> great to see you both. let's start with the jobs numbers on friday. the last jobs report before the election. what do they tell us about america's economy today and what impact do you expect it to have on the election. austan? >> i don't think it will have much impact on the election because it's not that much different from the overall trend over the last year to 18 months. i think it was a fairly solid number but certainly better than what was expected and you got revisions on the jobs number itself. but overall, growth has been relatively modest in the u.s. and that's reflected in the jobs number. so this is an encouraging month but you never want to make too much out of any one month. >> i was surprised at the numbers. ed, what do you think? >> i think there are good things that each candidate can take out of it. obviously the fact that the unemployment rate ticked up is something that governor romney will emphasize, it's
CNBC
Nov 21, 2012 7:00pm EST
very premature about the fiscal cliff. we still see little or no movement on a deal. president obama might want higher rates and cap on reductions for more tax revenues. that could be a deal-breaker and the markets won't stand for long while nothing gets wrong. i don't want to be overly pessimistic. i'm trying to be realistic. i'm reporting what i'm hearing. but stocks did rise a bit on news after cease-fire between israel and whhamas. is israel snaf particularly when we know that palestinians and gaza may just rest unand rearm for the next round? >>> finally as you head out into the thanksgiving traffic, ask yourself where president obama still hasn't given the green light to the keystone pipeline that would give us jobs and energy n independence? now a truly bipartisan group of senators is telling the president to make a decision right now. first up this evening, this is the big question. will we get a deal done or might president obama just let us go right over the fiscal cliff, take the recession, and simply blame the gop? this is a serious question that i'm hearing from washingt
CNBC
Nov 7, 2012 6:00pm EST
feeling on wall street in the last few weeks that obama was going to lose. that romney had decided to spend a ton of money and win pennsylvania and ohio and he already owned florida. so it's all a done deal. don't believe me? did you watch cnbc's coverage last night? republly can after republican came on right after ohio got called for the president. these people were just plain, out right sellers today. they bought in anticipation of winning. they sell what romney lost. most of my investors will say oh, yeah, hey, sure. let that run its course. i'm not going to sell my gap stores for target, right or wrong? however, i would rebut that we suddenly have a new word. the head of the european central bank picked up today, of all days, to say that things have worsened dramatically in europe including germany. that means there's a new sense of urgency to fix the europeanness and we're learning to be wary of the way europeans are going about their "bailouts." here's what the client would say. wait a second. we've been through this before. why do i have to take any action? come on, that's a f
CNBC
Nov 7, 2012 1:00pm EST
" begins right now. >> wall street ushers in another four years of president obama with a massive sell-off. dow down 295 at 12,951. nasdaq off 2.5% at 2,937. the s&p lower by 31 points, better than 2% there. gold and oil also moving lower. this is not helping things either. violence breaking out in athens once again. firebombs being hurled against police. greek parliament voting on new austerity measures. sue is live in the middle of the market mess downtown at the new york stock exchange. sue? >>> indeed i am. it was interesting what you did with gold there, ty. we had a huge gain in the gold market yesterday. lot of people were expecting more of a pullback. we're not getting that. just a little bit. on a day like this we're going to start with bob pisani here on the floor of the new york stock exchange. you know, we have the president re-elected but we still have the impasse in congress that he's going to have to deal with after this election. and that seems to be looming very large over this market. >> let me handicap this for you. 300 points down on the dow. hundred, hundred, hundred.
CNBC
Nov 5, 2012 9:00am EST
show the race between barack obama and gop challenger mitt romney to be a dead heat. on wednesday the greek parliament is due to vote on a package of austerity measures and then china's congress convenes for once in a decade leadership change. that's not evening mentioning ecb. there's been some that have said this is potentially the highest concentration of risk of the entire year. >> i heard this. it's embarrassing to hear. what's happened the whole time is there are managements that have made money during this period and managements that have failed and models that have made money and models that have failed. i spent a lot of time this weekend going over the last five years of stocks. what i find is that you have the ibms which delivered. moved from hardware to software model, consulting and hewlett packards that failed. when you do risk on and risk off, i'm an s&p trader. i trade the s&ps. forget individual stocks. if you want to play that game, fine. >> a lot of institutions play that game. not just hedge funds. a lot of mutual funds. overall investors play that game. risk on and
CNBC
Nov 2, 2012 1:00pm EDT
the world's potential. >>> in the first days after the storm, president obama toured the damage and received praise for his leadership. but as the gas lines grew and tempers got short, new damage uncovered could be images and headlines turn against him. john harwood is at an afl-cio phone bank where they are urging voters to get to the polls. governor christie seems deeply in command the way the federal government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that the country was rallying behind and do his job in a way that got praise by the keynote speaker at the republican convention, chris christie, very tough critic of the
CNBC
Nov 20, 2012 4:00am EST
on president obama's trip to cambodia where tensions over the south china sea look to dominate the as sas summit. we'll have updates about the greek tranche. and lines are already facing for the latest tech ahead of the all-important black friday deals. but first, the french finance minister has responded to moody's downgrade by saying government reforms will get the economy back on track. and that french debt is amongst the surest and most liquid in the eurozone. moody's joined s&p by stripping paris of its aaa rating citing growing about public debt levels and its diminished ability to withstand future euro area shock. bank of japan remains steadfast despite rising political pressure prompted by controversial comments from the likely next prime minister who has called for an unlimited amount of cash. he wants benchmark rates to come in below zero. but the bank of japan governor has dismissed those ideas. the chief said negative interest rates will lig early liquidity concerns in the market martin schultz is with us. thanks for joining us. is this a sign of things to come, a big s
CNBC
Nov 6, 2012 11:00pm EST
projecting california to go to president obama. 55 electoral votes in california. this is obviously a huge one. no surprise that the president wins california. also, right now, we can tell you that hawaii is also going to obama. nbc news projecting the president to win hawaii as well, another four electoral votes. listen to the crowds, carl. >> yep. >> another winning -- another winner on a close call in idaho. idaho is going to governor romney. governor romney wins idaho with four electoral votes. nbc news projecting mitt romney the winner there. >> couple of big states out of the pacific northwest as we continue to hear the crowds at democracy plaza. the state of oregon, too early to call. although nbc news is saying that the president, barack obama, does lead in the state of oregon. and washington state. nbc news projects that barack obama will take the state of washington. there are some cheers in democracy plaza. we'll go back to there as the map fills in as the night goes on. >> not really clear who the fan base is for because you're hearing the same kind of, you know, phrase for bot
CNBC
Nov 30, 2012 6:00am EST
rejecting president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking at a manufacturing facility arguing that businesses it depend on middle class consumers over the holiday season. despite all this, you see the futures today indicating higher. dow up by about 35. does that surprise you guys?
CNBC
Nov 8, 2012 6:00am EST
on. >> but if you believe that they anticipated an obama win, it shouldn't be a big shocker. >> the greeks did vote for what was necessary p. and we've had other things that seem more troubling hatching in europe over the past year that did not cost 300 points. so i don't know about the -- our friend ben white, wrote one thing about, wow, that's quite a reception for president obama. he couldn't let that tweet there for less than a minute before he said, i'm only kidding. it's not the president. >> he probably got completely piled on. >> he was like, no, i didn't really mean it it's europe, i know that. we all love president obama. anyway, time for the global market report. kelly evans is standing by in london. i'm not blaming you. you're in a little vacuum over there. it's the fiscal cliff over here. all those economies put together don't matter. >> no, joe, it's actually the fiscal of cliff over here, too. you'd be amazed how many times it's the first thing on everyone's lips. yesterday was one of the first times i've heard people both here and once the u.s. trading session got un
CNBC
Nov 29, 2012 6:00am EST
the tax break? all the same stuff. same tone, same people. >> did you see this, obama is flexible on highest tax rates. >> administration official. white house officials later signaled that. he didn't signal it in anything he said. >> i spoke to a couple who were at the meeting yesterday, some of the executives, who felt, and this is like the implied feeling that he was now more willing to deal on the highest rate. >> did you hear anything about spending cuts or entitlement reform? >> two conversations are taking place. one if the public trying to get them behind you. the other is whether you're actually saying to the people you're negotiating with. and when you saw the signal, it was like, okay, maybe they'll get to that, i don't know, 37% or 500,000 or something. what we had been talking about two weeks ago. maybe that's where they're headed. stocks did gain ground on optimism around the idea that we could reach some sort of a deal to overt the fiscal cliff. the dow closing more than 100 points higher after being down by more than that during the session. a swing like that hasn't h
CNBC
Nov 10, 2012 6:00am EST
obama reelection. find out when "options action" returns. >>> where were options traders and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. pumping up the volume this week? fifth third bank corp. >>> welcome back. let's check in on an update on a developing story on lockheed martin. >> first we had david petraeus resigning and now incoming ceo at lockheed martin, the nation's top defense company resigning. the incoming coo who was going to replace him will replace him in january. >> thanks for that update. time for the upside call. we take a look back on previous winners. a couple of weeks back dan made a bearish call on jp morgan stock. he has made seven times and here is how. >> on "options action" it's money in the bank. risk less so we can make more and t
CNBC
Nov 28, 2012 4:00am EST
world. european markets follow shanghai into the red. president obama holds a second ceo summit today at the white house, getting input from top business leaders on how the administration and congress can solve the crisis over, yes, the fiscal cliff. and origin tina's rating is slashed over five notches. we'll speak to a bondholder who once represented the country's creditors. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> as we get into the trading session here in europe, you can see behind me decliners outpacing advancers by about a 4-1 ratio, with stocks shedding about a third of a percent. we'll get to more of that shortly. first take a look at the forces individually to get a sense of where we're seeing the selling pressure and it is pretty much consistent. there's the ibex 35 down .7 of a percent. the ftse down about a third of a percent. not many green spots to find. yesterday we saw that rally in peripheral debt. today we're actually seeing firmer prices across the board, so whether the u.s. down there or italy and spain here in the
CNBC
Nov 11, 2012 6:00am EST
an obama reelection. can he find a way to make more money? find out when "options action" returns. time for pump up the volume. the names heating up options trader sizzle index this week. they're the only bank with two fractions in their name and investors heard good news this week. they will buy back shares big it back to $475 million. in option traders did buying of their own. going cuckoo over the company's calls and hopes it means money in the bank who is it? the answer when "options action" returns. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> where were options traders pumping up the volume this week? fifth third bank corp. call volume was over 3 1/2 times the average daily volume. >>> welcome back. let's check in on an update on a develo
CNBC
Nov 30, 2012 4:00am EST
$10.8 billion stimulus package. tokyo stocks end the week at a seven month high. plus president obama will take his case for tax hikes on the wealthy to the american people today as the war of words between democrats and republicans over the fiscal cliff heats up. >>> the trading session sitting roughly flat on the stoxx 600. decliners and advancers about even this morning. markets are trying to digest these comments from draghi. first, let's take a look at the bourses. s it is the last trading day of the month. just one left to go in this extraordinary 2012. ibex 35 appropriately enough is ending in the red today. other indexes showing a little bit of a rise here. we've seen spanish and italian debt come in sharply and the yields falling today. we saw the euro-dollar adding almost 0.3%s this morning. dollar-yen up two thirds of a percent in the light of perhaps japan may be getting moring a yes, sir sif on st ing a grefs saggressive on stim. let's get over to deidre wang morr morris. >> yes, the japanese data was good, but also the economy still stuck in deflation. hang seng down hal
CNBC
Nov 13, 2012 4:00pm EST
expecting in 2013 under president obama's policies? >> i'm not expecting anything very good, maria. i think that we're going to end up with some sort of a slow down. i think whatever the compromise that ends up being made under this grand bargain, it's going to be something that ends up hurting unemployment. that being said, i think there's always a tale of two markets. from a broader market standpoint, i expect the market to be hurting. there's always opportunities to be had. >> steve, you have some breaking news earlier. you reported on janet yellen. tell us what that says about where we're headed in terms of economic growth in 2013. >> well, i think it tells us the fed is going to remain as loose as it possibly can through '13, '14, '15, and now even '16. janet yellen saying an optimal policy path, one that stays as close to 2% on inflation and tries to get the unemployment rate down to 6% could mean the fed remains easy through early 2016. by the way, they're thinking of scrapping all of that calendar date guidance through mid-2015. scrap it. she's strongly supportive in scrapping it in
CNBC
Nov 21, 2012 1:00pm EST
, higher by more than 50 points, .4%. president obama reportedly just spoke with israel's prime minister benjamin netanyahu. john harwood joins us now. john, what can you tell us? the white house had a lot at stake here by sending hillary clinton to try to get this resolved. >> reporter: absolutely. and this is the result that president obama had in mind when he sent hillary clinton from that asian trip that he was on to try to broker a cease-fire. but it's only a cease-fire. it is only one step. there is a long way to go. the administration of course is caught between support for our traditional ally israel, but also the desire for -- by the administration to improve its ties throughout the arab world and the islamic world and this has been a very difficult situation. the president hasn't been all that engaged after an early attempt early in his administration to broker a middle east peace deal. now he's back in it with both feet and we'll see the prospects for getting it done. this has frustrated american presidents offense a very long period of time but you simply -- the administratio
CNBC
Nov 28, 2012 12:00pm EST
obama make comments at the white house today regardless the fiscal cliff in front of the middle class taxpayers as the white house has gathered them behind the president. he says he hopes to get a deal done on the cliff by christmas. perhaps most pointedly for all of you watching, he says the american people are watching what we do, we certainly know that wall street is watching. the markets have gone through a number of gyrations over the last 48 hours after comments yesterday from harry reid, the senate majority lead erbil, mitch mcconnell as well today. john boehner, the house speaker delivers his comments and now the president a couple hours before he meets with several of the nation's ceos on the economy and the fiscal cliff. let's go down to washington and get some reaction from our john harwood, who's been listening in. john, i think it's fair to say that the house speaker sounded a bit more conciliatory today, saying things like he's willing to put revenue on the table, yet again he's optimistic a deal can be reached. i'm not sure the president sounded so much. >> reporter: wh
CNBC
Nov 30, 2012 1:00pm EST
. obama and mr. boehner? >> it depends on what the headlines are. so the president said the clear majority voted for a balanced approach. but there's a lot of debate about what that means. representative boehner i thought was much more into fighting words over there. listen to what he said. increasing the tax rates is the wrong approach to take. he said there was a stalemate in the talks with the white house. look at the dow industrials. we did move down around 25, 30 points as his comments came out. he said we're almost nowhere in the talks. sitting right near the lows for the day. if you look at the overall sectors that are moving today, pretty much balanced on either side. pretty much even on the balance-decline line. worries about higher taxes on dividend paying stocks seem to be -- >> lows for the day but not violent downstrokes here. >> i think the problem is we'll have trouble moving into positive territory at the close. a lot of concerns about headline risks over the weekend. we could be down 10, 15 on the s&p monday morning on something that happens over the weekend. >> s
CNBC
Nov 28, 2012 1:00pm EST
obama's asking for. now he has to reach back and say, yes, we're going to find some savings to truly -- >> senator hoeven, i know you are aware of our rise above campaign here on cnbc. here is a button. we hope you will wear it proudly. this is a north dakota edition of "power lunch." >>> well, whether to say with the norquist no tax hike pledge is now hot debate for republicans as you can see right there in washington. the once belle of the ball is now being pushed aside. politico's chief white house correspondent mike allen spoke with mr. norquist this morning. welcome to "power lunch." mr. norquist didn't seem to soften at all. as a matter of fact from what i've read, he kind of bristled. one quote from the debrief will you this morning was the party cannot have its fingerprints on the murder weapon, meaning raising taxes. how do you see this all playing out? we just heard from a senator who did not sign his pledge. you know, is mr. norquist now really be pushed aside by the party? >> grover norquist is a survivor. he has a business, $7 million budget. spent $25 million in campaig
CNBC
Nov 1, 2012 6:00am EDT
stats with us. >> that's right, joe. president obama met with new jersey governor chris christie yesterday. the president touring some of the worst hard hit areas of the jersey shore saying 2,000 fema personnel are on the gloupd rou affected states. at least 74 people have died in the u.s. as a result of sandy. most of them from new york and new jersey. still 5.6 million customers in the dark. and it may be ten days before the hardest hit areas sea power restored. more than 19,000 flights were canceled because of sandy, but stranded passengers have something to be thankful for. newark and jfk airports were back in business yesterday and delta and american airlines are scheduled to resume a limited number of flights out of laguardia in about 30 minutes. the mta is also getting back to business with new york city subways offering limited service starting today. the m tcta is waiving all fees until tomorrow. so good news there. >> we're looking for any good news so thank you. the eye of hurricane sandy has hit the jersey shore hard. it wiped away entire economies. president obama su
CNBC
Nov 14, 2012 6:00am EST
do we go with letting the tax cuts expire on the wealthy. and they were laughing. they said obama's going to do both. he's going to ask for both. he's going to want all of it. if it's 1.6 -- >> 1.6 trillion over ten years. >> twice where we were with boehner. but might be the beginning of bargain point. but you get 820 billion. so there's another 800 billion. at this point, the others are saying no cuts to medicare, social security, or anything else. and they have to find another 800 billion. >> the president did not say -- >> we know he has to cut some of those. >> my guess is the gop is saying they're looking at a trillion dollars as the number. >> and you saw what paul ryan said. the house was re-elected. so people re-elected those people in the house for a reason. it's a nonstarter. it's not going to happen. it's not going to be 1.6 billion. 1.6 trillion. to get to four trillion, that would be 2.4. so we said that. he'll go not 3-1 like simpson bowles. he's go one and a half to one. >> that's not going to happen either. >> but what bothers me -- >> the problem is nothing is goin
CNBC
Nov 2, 2012 4:00am EDT
obama and romney hitting with full force. an michael bloomberg endorsed obama. he insisted obama could still fulfill the hope he implied four years ago despite what he calls a disappointing first term. meanwhile the president and his republican rival are focusing on change. >> we haven't can the same four more years. our xlant is five more days. >> you know what i believe, you know where i stand, you know i'm willing to make tough decisions everyone when they're not politically convenient. >> you have to ask yourself is america on the road to greece. are we on the road to check crisis as you're seeing in europe and italy and spain and other parts of the world. >> we know what change looks like. and what the governor's offering sure ain't change. >> while the election campaign is back ork many american still struggling to get back to normal following super storm sandy. at least 98 people now confirmed dead, millions still without power on the northeast coast. rescue teams continue to search houses for victims. drivers face gasoline short annuals. the president's response may have
CNBC
Nov 15, 2012 12:00pm EST
move on the debt ceiling. now it's obama who has the leverage. if you doing in nothing, tax rates go up on everybody. not just the top two%, but everybody. in terms of the substance, everything has to be in the mix. that's what every debt commission from simpson bowls on down to rugman, you have to have the right mix. the two most important things on entitlements that really deal with health care, you have to deal with end of life decisions, you have to deal with fee for service. if you don't deal with those things it's very difficult to get entitlements controlled. on taxes the arithmetic is simple. right now we're at 24% of gdp in terms of spending. talks are at 15%. paul ryan called for spending -- >> the problem julian -- >> let me finish the point, if i may, sara. paul ryan called for 20% of gdp. you can't close the gap even if you use the republican's budget figures, you can't close the gap without some kind of revenue and you can't get the revenue simply by closing loopholes. >> i don't think that's true. i think the bigger challenge here is the math doesn't work for the presi
CNBC
Nov 2, 2012 12:00pm EDT
the wire, and whether it's obama, whether it's romney, i think people want to sit back with a ton of money on the sidelines waiting to allocate that money once we know who the next president is going to be. >> so the market is a big story as it should be today given the fact that we've had the jobs report. we're closing out a pretty trying week for everybody involved, including those folks at the new york stock exchange. the gas crisis remains very much in our focus as well today in the northeast. you can see the lines there. they're growing at gas stations all along the tristate area. that's what we call new york, new jersey, connecticut, where we are here. people waiting in long lines to fill up gas cans for their generates, their cars. many still have no power and cannot pump fuel. it's made the problem even worse. is relief finally in sight? well, the secretary of homeland security issuing a temporary waiver allowing more tankers into this area. bertha coombs joins us now with the very latest. bertha? >> reporter: scott, we're off the waters of bayonne. behind me is the imtt.
CNBC
Nov 13, 2012 11:00pm EST
parts. after all, if you are president obama, you believe the election is over and your campaign received a ringing endorsement. but if you are a republican, you have to believe that those republicans that do not want to rise above politics are banking on massive declines in spending to wreck the economy. if you are a republican, in permanent campaign mode, i'm sure one of your advisers is saying that going off the fiscal cliff might be the best thing in terms of the midterm election. worse, if you are a democrat, you might think the defense spending cuts could be coming and you might think that is good. there is a sense that those who want to stymie the president are going to be targeted by other politicians, business people, and yes, they will be targeted by us. you stand in the way of a deal, your principle is greater layoffs and lower standards of living and your principle is lower stock prices. the pressure of the business people putting on the government you get a deal spearheaded by our guest dave cote is greater than anything i have seen in our life and it is growing. tha
CNBC
Nov 5, 2012 7:00pm EST
optimist going up against the pessimist barack obama. i'm still picking romney and you'll hear my commentary later in the broadcast. >>> for the first time with just hours to go, pennsylvania now coming up in play. that is astounding for a state long thought to be in obama's hands. we have amassed all of the kudlow all-stars on both sides of the aisle to help us out for the next hour. >>> first up, the first polls close in 24 hours. that includes the critical battleground state of virginia. so how close will tomorrow be? or can we expect mitt romney or obama to pull off a sizable win? who knows. chief washington correspondent john harwin knows. >> everything we know suggests it's going to be chose. let me give you context for prediction of a romney victory. take the latest nbc/"wall street journal" poll. obama 48%, romney photography%, can't get any closer than that, well wind the margin of error. then go to the battleground states. we've got three late battle ground state polls. first of all in the state of virginia which as you mentioned, polls close early, 13 electoral votes, 4
CNBC
Nov 26, 2012 1:00pm EST
s.e.c. and president obama is designating commission member elise walter as her replacement. eamon javers is in washington with the details. >> reporter: this is a bit of a surprise announcement. a lot of other names had been speculated over the past couple of days here on who might succeed mary shapiro over at s.e.c. but the tap goes to elise walter today. she is a sitting s.e.c. commissioner now. that means that the president will not have to face a bruising confirmation battle up on capitol hill for her to take over as the chair of the s.e.c. what we're told is the president is likely to appoint somebody to fill out that term after elisse walter finishes up mary shapiro's term in 2014. we expect that the president will name somebody else to follow on after elisse walter. a little bit of complicated moving and shaking here but already the consideration in washington turning to mary shapiro's legacy. she took over at one of the darkest points in american financial history in january of 2009. the s.e.c. pointing out today that just in 2011 and 2012, they've had 1,469 enforcement ac
CNBC
Nov 28, 2012 2:00pm EST
obama got the markets to moch ve up. he said he wanted a deal before christmas. two comments today is what's moving the market. again these are all fiscal cliff issues. if you look elsewhere am some of the industries that are out, home builders had a little bit of a disappointment today. new home sales for actually below expectations. september was revised downward. we haven't seen this. this is the first sort of negative bit of housing data we've seen in a while. home builders are not going along with the rest of the story. finally retail stocks did very well. we had positive comments from express and american eagle. many of these stocks sitting near multi-month highs. the question here is how much more up side is there? we've had good news on retail recently but some people are starting to say i think it's time to take some money off of the table with these stocks given that the first quarter of next year it is going to have very touch comps. remember it was warm in q1 of 2012. >> bob, thank you for that. >>> i'm going to stay with the theme of the fiscal cliff. our own eamon javers
CNBC
Nov 15, 2012 3:00pm EST
as an indicator should have been the most enthusiastic supporters of the obama administration since the market doubled from march of 2009 when the president was just taking over until a couple weeks ago. i don't remember people saying e o', look at the market, how wonderful obama must be. secondly, i think what you're seeing now is an artificial depression in the market because of the uncertainty. i believe that it does not reflect an erosion in fundamentals. in fact, i think the economy has been doing reasonably well, particularly our economy compared to some of the rest of the world. there's some uncertainty about europe. it is important for us to deal with the tax and sequestration issues. i believe that once we have done those, this drop will come back up. that is, i think this is an understandable reaction to the uncertainty, not a serious sign of a decline in the economy. >> absolutely. you're absolutely right. i think it's all about this uncertainty about where tax rates will be. what are the odds we're going to see a deal before year end to give this market and the investor
CNBC
Nov 26, 2012 5:00pm EST
where everyone thought they were going to play nice. boehner and obama are not going to speak as nice as they did prior to thanksgiving. >> we are not supposed to know what they are doing. if you look at the market's performance today -- >> they want to because they have no idea what is going on. >> we had a rally of almost 5%. the fact that the market held in tells me that people had a chance to think about the absurdity of overreactions. >> take a look at the december 35 calls. people coming after the dividend stocks are coming after them again. >> to all of you we will get back to the topic on hand in a moment. which retailer will come out on top for the war for your online dollars. we are separating the winners from losers. tonight the boss of hain is defending his company's name here on "fast money." at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals i
CNBC
Nov 19, 2012 6:00pm EST
until long after president obama completes his second term. "mad money" is back after the break. >>> coming up, holding them accountable. the fiscal cliff is coming. and if washington won't rise above, they face cramer's consequences. he's got a brand new wall of shame for those preventing compromise and it's about to get its first members. the storm of shame is coming. don't miss out. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. >>> and the award for the most strident elected official when it comes to compromise -- i thought it was mitch mcconnell, senate majority leader from kentucky who said that recent election was a mandate to keep taxes from increasing. but i don't know.
CNBC
Nov 27, 2012 4:00am EST
abnormal. meanwhile the white house says president obama called house speaker john boehner and harry reid this weekend for avoid efforts on fiscal cliff. on wednesday president obama will seek more input from top ceos, including gold man's lloyd blankfein and caterpillar's doug owner hill man. a number will travel to washington to try to reach a deficit cutting deal as part of the fix the debt campaign. so all things fiscal cliff still pre-dominate. we have a time clock that's quickly running out. how important is it that we get an agreement before the end of the year? >> this is like the debt ceiling argument. people got into a panic. that's something we even imposed on ourselves to decide that the debt shouldn't go too high. so it's not a bad thing. same with the fiscal cliff. what are we saying with the fiscal cliff? we're saying the economy might be revealed to be what it's actually doing because we'll take away the artificial supports because we think it's held any enough now to maybe after itself. that might entail a step drop because at the moment we're giving these tax breaks
CNBC
Nov 12, 2012 9:00am EST
be struck. >> i don't really understand why republicans don't take obama's offer to freeze taxes for everyone below 250,000. make it 500, make it a million. the republican party will fall on half who voted democratic and half who live in hollywood. >> we're beginning to see some really from the right side of the party saying let's get this done. we learned a lesson of sorts in the election. don't let it go to waste. >> seems like there's a split in the republican party and people that want to make a deal and people that say there's no deal and the no deal crowd is now being identified as crystal did with we don't want to deal. we want to bail out millionaires. >> i continue to hear the rallying cry from those who are against raising the rates on the highest earners that it's only going to raise 80 billion or 100 billion, 110 billion maybe the high. we have a trillion dollar deficit. you continue to hear that argument which doesn't make a great deal of sense in the sense that you need sacrifice and everybody to buy in and that's going to have to happen as well. i do wonder if that's g
CNBC
Nov 15, 2012 6:00am EST
fiscal cliff. yesterday business leaders urged president obama and lawmakers to prevent a year end across board tax rise that will go into act unless congress acts. >> he understands it requires a combination of tax increases and title refor and discretionary spending cuts that dnl democrats and republicans have to work together. i'm is sure there will be a lot of forth and back between republicans and democrats, the congress and the president as they start to work their way to a deal. but i'd say there's strong recognition of the significant of getting a deal for the ben fft t benefit of the american public. >> this is all about trying to make american business more competitive, trying to have a fair balanced approach to tax refo reform. the president was clear he wants a balanced approach and we were clear we are behind him. >> top the president and top member of congress will be meeting. cnbc is urging leaders to rise above partisan rhetoric to try to find a solution and in that spirit, we have two guest hosts. first of all, george p. bush, and jared bernstein, both joining us t
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